Hi,In my point you have to consult with professional mortgage broker.Also you should have to go for mortgage calculator,which can help you to find all the information what are you searching for.Online you can get some knowledge details about how to calculate using mortgage calculator.This is best resources of mortgage.Hope it will help you more.

A lot of people use the "Tripling" rule. Where your annual household income x 3 is what house you can afford. However! Long term, and security wise, you are much better off only "doubling".
- Therefore, if you're annual household income is 120,000 typically people purchase homes for 360,000+. However, based on this principle you should not exceed 240,000.
Just a tip I've seen help quite a few people.

Use the mortgage calculator to estimate your monthly mortgage payment, including taxes and insurance. Simply enter the price of the home, your down payment, and details about the home loan to calculate your payment breakdown, schedule, and more.

What you basically need to do is checkout the various firms wherein applying you think you will have a better chance. There will be good calculators in there, and if it matches with your needs, apply and keep your fingers crossed. Here is a link to one of the calculators in the market, and the firm is a good one too.

Sorry, link to the calculator need to be removed, so check the website of Northwood Mortgage (Ontario) directly.

I personally think that you might want to do a bit of looking around the area and adjust your expectations accordingly. I'm of the view that getting a professional consultant or property agent might help to increase your chances of snagging a good deal - whether it's a good piece of land/house/apartment or comparing finance and interest rates in the market too. You never know how much you might save in the long run by paying someone to do lock in a decent contract for you. Good luck!